2016 Open Enrollment Dates
With the end of 2015 coming up quick on the horizon, now is the time to start thinking about your health insurance needs for the upcoming year. Like last year, there are important dates you need to keep in mind whether you’re buying health insurance Wilmington NC for the first time, making changes to an existing plan, or renewing your current health insurance policy.
Here is everything you need to know about the 2016 open enrollment dates and the related fines and penalties for not having health insurance under the Affordable Care Act!
Important Health Insurance Dates for 2016 Open Enrollment
November 1, 2015: The first day of November is the official start of the 2016 Open Enrollment period. This is the first day you can enroll in an insurance plan for the upcoming year through the Health Insurance Marketplace with coverage eligible to start on January 1, 2016.
December 15, 2015: December 15th is the last day to enroll in a new health insurance plan for 2016. It is also the last day for making any changes to your existing plan. Any changes to your existing plan will also take place on January 1, 2016
January 1, 2016: The first day of the New Year is the official start date of coverage for anyone who enrolls in or changes their health insurance plan by December 15, 2015.
January 15, 2016: If you want to enroll in a new plan or change a plan so your new coverage will begin on February 1, 2016, then your enrollment or plan changes need to be finalized on or before January 15th as this is the last day for eligibility. Any enrollments or changes that are made between January 16th and January 31st will take effect on March 1, 2016.
January 31, 2016: January 31st is the official end date for the 2016 Open Enrollment period.
Important Reminder: If you can’t afford or choose not to enroll in a health insurance plan for 2016 by the January 31st cut-off date, then you won’t be eligible for coverage for 2016 and you’ll face penalties under the Affordable Care Act. The only exception in this case is for those who have “qualifying life events” in which they would be eligible for a Special Enrollment Period.
The 2016 Individual Shared Responsibility Payment
The individual shared responsibility payment is the “fee,” “fine,” or “penalty” that uninsured Americans will have to pay. The fee is calculated in one of two ways, either as a percentage of your household income or on a per person basis, whichever is higher.
If your fee is based on your household income, then your individual shared responsibility payment will be 2.5% of your total household income. If your fee is tallied on a per-person basis, then you will have to pay $695 per adult over the age of 18 and $347.50 per child under 18 up to the maximum of $2,085 for the household. In the per-person method, you pay only for those in your household who aren’t covered by a health insurance plan.
Any fees you have to pay will be paid at the time you file your federal tax return for the year in which you didn’t have coverage. So, your 2016 individual shared responsibility payment will be due by April 15, 2017.
The Importance of Having Health Insurance in 2016
Health problems can arise at any time, and when they do they can quickly deplete your savings if you aren’t covered under a health insurance plan. Even if you’re not sick now, odds are you or someone in your family will need medical care at some point over the next 12 months. Being insured provides the security and financial safety net you need during times of illness or injury.
In addition to providing coverage for your essential health benefits, your health insurance will also help in the following ways:
Choosing the right health insurance plan for your family’s needs is important, but it’s not always easy when you go through the Health Insurance Marketplace. There are a lot of coverage options to choose from and it can quickly become confusing. If you need help choosing the right health insurance in Wilmington NC, Schnitzer-Slate can help. We offer a wide selection of BCBSNC health insurance plans to choose from, many of which can be customized to meet your unique needs.
Call us today at 910-392-7020 and one of our agents will help you choose the right policy for your needs and budget. Or, just visit our website at http://healthplannc.com/ to learn more about affordable BCBSNC health insurance in Wilmington NC.
Here is everything you need to know about the 2016 open enrollment dates and the related fines and penalties for not having health insurance under the Affordable Care Act!
Important Health Insurance Dates for 2016 Open Enrollment
November 1, 2015: The first day of November is the official start of the 2016 Open Enrollment period. This is the first day you can enroll in an insurance plan for the upcoming year through the Health Insurance Marketplace with coverage eligible to start on January 1, 2016.
December 15, 2015: December 15th is the last day to enroll in a new health insurance plan for 2016. It is also the last day for making any changes to your existing plan. Any changes to your existing plan will also take place on January 1, 2016
January 1, 2016: The first day of the New Year is the official start date of coverage for anyone who enrolls in or changes their health insurance plan by December 15, 2015.
January 15, 2016: If you want to enroll in a new plan or change a plan so your new coverage will begin on February 1, 2016, then your enrollment or plan changes need to be finalized on or before January 15th as this is the last day for eligibility. Any enrollments or changes that are made between January 16th and January 31st will take effect on March 1, 2016.
January 31, 2016: January 31st is the official end date for the 2016 Open Enrollment period.
Important Reminder: If you can’t afford or choose not to enroll in a health insurance plan for 2016 by the January 31st cut-off date, then you won’t be eligible for coverage for 2016 and you’ll face penalties under the Affordable Care Act. The only exception in this case is for those who have “qualifying life events” in which they would be eligible for a Special Enrollment Period.
The 2016 Individual Shared Responsibility Payment
The individual shared responsibility payment is the “fee,” “fine,” or “penalty” that uninsured Americans will have to pay. The fee is calculated in one of two ways, either as a percentage of your household income or on a per person basis, whichever is higher.
If your fee is based on your household income, then your individual shared responsibility payment will be 2.5% of your total household income. If your fee is tallied on a per-person basis, then you will have to pay $695 per adult over the age of 18 and $347.50 per child under 18 up to the maximum of $2,085 for the household. In the per-person method, you pay only for those in your household who aren’t covered by a health insurance plan.
Any fees you have to pay will be paid at the time you file your federal tax return for the year in which you didn’t have coverage. So, your 2016 individual shared responsibility payment will be due by April 15, 2017.
The Importance of Having Health Insurance in 2016
Health problems can arise at any time, and when they do they can quickly deplete your savings if you aren’t covered under a health insurance plan. Even if you’re not sick now, odds are you or someone in your family will need medical care at some point over the next 12 months. Being insured provides the security and financial safety net you need during times of illness or injury.
In addition to providing coverage for your essential health benefits, your health insurance will also help in the following ways:
- Health insurance protects your savings from unexpected, high medical costs
- Your plan will enable you to take advantage of free preventive care services like vaccines, select check-ups, screenings, and more, prior to meeting your deductible
- Being insured will enable you to pay less for medical services, especially when you use in-network healthcare providers
- Having health insurance will prevent you from having to pay an expensive individual shared responsibility payment
Choosing the right health insurance plan for your family’s needs is important, but it’s not always easy when you go through the Health Insurance Marketplace. There are a lot of coverage options to choose from and it can quickly become confusing. If you need help choosing the right health insurance in Wilmington NC, Schnitzer-Slate can help. We offer a wide selection of BCBSNC health insurance plans to choose from, many of which can be customized to meet your unique needs.
Call us today at 910-392-7020 and one of our agents will help you choose the right policy for your needs and budget. Or, just visit our website at http://healthplannc.com/ to learn more about affordable BCBSNC health insurance in Wilmington NC.